Advanced Financial Accounting

ADVANCED FINANCIAL
ACCOUNTING

Contents
Introduction...........................................................................................................................................3
Domain Holding Australia......................................................................................................................3
Descriptions of Accounting Concepts....................................................................................................4
Conceptual framework and the Issue of Measurement........................................................................7
Conclusion...........................................................................................................................................12
References...........................................................................................................................................13

Introduction
This report brings out a discussion on accosting procedures, policies, rules, and conceptual
framework. The company complies with the Corporation Act, 2001 that includes against the
liabilities that are incurred in respective capacities while defending to the proceedings against
them. There are several policies, rules, amendments prohibits the details of liability, and the
premium paid. The company chosen for the analysis for the AASBs is the Domain Holdings
Australia. In this concept, the evaluation is based on handling every transaction and other
events for the accounts (Hoyle, Schaefer, and Doupnik, 2015). Further, a debate over the
issues identified in regards to each accounting concepts and measurement for the intangible
assets and measuring the assets in order to handle the assets and liabilities. The report
evaluates and monitors on the basis of quantitative features relevant to information given in
the annual reports when taking into consideration the calculation of liabilities and assets.
Several issues have been found as per the non-compliance of standards and policies so that it
could fulfil to foresee the demand of AASB for financial instruments that has not be
regulated yet. Conceptual framework will provide a standard to monitor the consistency of
the main principles considered in the conceptual framework (Hoyle, Schaefer, and Doupnik,
2015).
Domain Holding Australia
Domain Holding Australia is a leading Australian real estate technological and media level
company Service Company. The main purpose of the company is to inform and connect
people with the help of property lifecycle. The main assets of the company include
accessibility of digital facility to the large audience, social and print that are further driven by
listed strengths and other rich engagements. The source of Domain`s ecosystem for revenues
are residential, commercial, print, transactions, media, developers and agent services. In

regards to foresee the growth, it is seen that company delivers a revenue growth of 11.5
percent until $357.3. This is the reflection of the strong performance of the digital sector. The
earnings before interest and tax has increased by 12.5 percent to 115.7 million dollars.
Descriptions of Accounting Concepts
Accrual concept- it is necessary to know that financial statements are prepared under the
concept of accrual concept that necessitates that income and expense are further recognised in
the fixed fiscal period that is related to cash related transaction. One of the main exception
related accrual basis is the cash flow statement where the main purpose is related to cash flow
effect of the transaction.
Domain measures revenue as per the accrual basis with the substance of the relevant
agreements. The amount that has been disclosed as revenues are rebates, commissions and
discounts that are to be recognised while considering the reliable measurement. Revenue has
been identified on the basis of accruals as per the substance of the related agreements. As
soon as the cash is received in regards to income in advance where the cash is received but
the service is deferred to be performed. Income in advance will be considered as the goods in
advance.
Full disclosure concept- this accounting concept describes that there should be relevant
information that will be disclosed in the statements. This will help a number of the external
users will depend on financial statements to give information to the investors to invest. In
regards to this, any contingent liability will be transferred under the recognition of fair value
in the acquisition date.
When the company acquires an organisation that assesse financial assets and the liabilities
expected for the classification and the designation as per the economic conditions and